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2019 Unaudited Semiannual Report

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2019 Unaudited Semiannual Report BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2019 SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2019 BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) Contents Pages Management and Administration 1 Report of the Manager to the Unitholders 2 Statement of Financial Position (Unaudited) 3 Investment Portfolio (Unaudited) 4 – 5 Statement of Movements in Investment Portfolio (Unaudited) 6 – 8 SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2019 BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) MANAGEMENT AND ADMINISTRATION Manager Directors of the Manager BOCOM International Asset Management Limited TAN Yueheng 9/F, Man Yee Building LI Ying 68 Des Voeux Road Central CHENG Chuange Central SU Fen Hong Kong Trustee and Registrar Bank of Communications Trustee Limited 1/F, Far East Consortium Building 121 Des Voeux Road Central Central Hong Kong PRC Custodian HSBC Bank (China) Company Limited 33/F, HSBC Building, Shanghai ifc 8 Century Avenue, Pudong Shanghai Legal Counsel to the Manager Deacons 5/F, Alexandra House 18 Chater Road Central Hong Kong Auditor PricewaterhouseCoopers 21/F, Edinburgh Tower 15 Queen’s Road Central Hong Kong - 1 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2019 BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) REPORT OF THE MANAGER TO THE UNITHOLDERS After a disappointing 2018, the A-share Shanghai Composite Index rose by 19.45% in 1H2019, mainly due to the following factors: 1) On January 4, 2019, the People's Bank of China announced to cut the requirement reserve ratio (RRR), which injected money into the market and boosted investors’ confidence. 2) At the end of 2018, the A-share valuation is at a low level. According to the statistics from Wind, on December 28, 2018, the Shanghai Composite Index PE ratio TTM is 11.0x, while HS300 PE ratio TTM is 10.23x. After the market vitality was stimulated, the market ushered in a rapid rise. On April 9, 2019, the Shanghai Composite Index reached 3288.45, which was the highest in 1H2019. The later period was affected by the policies, which triggered the market’s concerns on the sustainability of the easing situation. In the meantime, the Sino-US trade conflict resulted in a wave of significant correction of the index. Looking back at the 1H2019’s market situation, although the market fluctuated repeatedly, we believe that the A-share market has already been out of the 2018 downward trend. Besides, in the normal situation of Sino-US trade conflict, the economic situation is hugely resilient and has enormous potential. According to the Bureau of Statistics data, China's GDP increased by 6.3% in 1H2019. In 1H2019, the Fund preferred selecting stocks from constituent stocks to the CSI 300 Index. As of June 30, 2019, the net assets of Fund’s RMB R-class and I-class have increased by 21.32% and 21.50% respectively. - 2 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2019 BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) STATEMENT OF FINANCIAL POSITION (UNAUDITED) AS AT 30 JUNE 2019 30 Jun 31 Dec 2019 2018 RMB RMB Non-Current Assets Deposit reserve 224,000 224,000 Assets Financial assets at fair value through profit or loss 33,768,406 26,572,722 Interest receivable 44,015 38,723 Cash and cash equivalents 1,603,225 4,781,439 Total assets 35,639,646 31,616,884 Liabilities Amounts due to brokers - 771,657 Management fee payable 35,417 34,317 Trustee fee payable 61,151 63,189 Sub-custodian fee payable 2,772 2,661 Preliminary expenses payable 54,688 54,688 Provision for tax - 24,031 Accrued expenses and other payables 401,995 223,080 Total liabilities (excluding net assets attributable to unitholders) 556,023 1,173,623 Net assets attributable to unitholders (after amortization of 35,083,623 30,443,261 establishment costs) Represented by: Net assets attributable to unitholders (before amortization of establishment costs) 35,093,492 30,488,858 Adjustment for different basis adopted by the Sub-Fund in arriving (9,869) (45,597) at net asset attributable to unitholder Net assets per class Class I RMB 26,031,984 21,423,388 Class R RMB 9,061,508 9,065,470 Number of units outstanding Class I RMB 2,100,000.000 2,100,000.000 Class R RMB 741,736.715 900,352.470 Net asset value per unit Class I RMB 12.396 10.201 Class R RMB 12.216 10.068 - 3 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2019 BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) INVESTMENT PORTFOLIO (UNAUDITED) AS AT 30 JUNE 2019 Fair Value % of Net Investments (96.22%) Holdings RMB Asset Debt securities (10.03%) Listed in China China Government Bond 4.26 07/31/2021 1,850,000 1,903,280 5.42% China Government Bond 3.40 04/17/2023 1,600,000 1,618,240 4.61% 3,521,520 10.03% Equity securities (86.19%) Listed in China Ping An Bank Co Ltd 50,000 689,000 1.96% ZTE Corp 10,000 325,300 0.93% Midea Group Co Ltd 22,000 1,140,920 3.25% Wuliangye Yibin Co Ltd 23,000 2,712,850 7.73% Zhejiang Supor Co Ltd 13,000 985,790 2.81% Luxshare Precision Industry Co Ltd 47,000 1,165,130 3.32% Centre Testing International Group Co Ltd 70,000 756,000 2.15% Guangzhou Baiyun International Airport Co Ltd 40,000 728,000 2.07% CITIC Securities Co Ltd 48,000 1,142,880 3.26% China Merchants Bank Co Ltd 37,000 1,331,260 3.79% Jiangsu Hengrui Medicine Co Ltd 16,000 1,056,000 3.01% Angel Yeast Co Ltd 5,000 158,150 0.45% Kweichow Moutai Co Ltd 2,700 2,656,800 7.57% Shandong Gold Mining Co Ltd 8,000 329,360 0.94% Anhui Conch Cement Co Ltd 27,000 1,120,500 3.19% Inner Mongolia Yili Industrial Group Co Ltd 46,000 1,536,860 4.38% China Yangtze Power Co Ltd 9,983 178,696 0.51% Industrial Bank Co Ltd 30,000 548,700 1.56% China Railway Construction Corp Ltd 50,000 497,500 1.42% Agricultural Bank of China Ltd 181,400 653,040 1.86% Ping An Insurance Group Co of China Ltd 37,500 3,322,875 9.47% Industrial & Commercial Bank of China Ltd 240,000 1,413,600 4.03% China International Travel Service Corp Ltd 21,500 1,905,975 5.43% Zijin Mining Group Co Ltd 90,000 339,300 0.97% China Construction Bank Corp 230,000 1,711,200 4.88% Bank of China Ltd 380,000 1,421,200 4.05% - 4 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2019 BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) INVESTMENT PORTFOLIO (UNAUDITED) AS AT 30 JUNE 2019 Fair Value % of Net Holdings RMB Asset Listed in China (Continued) Foshan Haitian Flavouring & Food Co Ltd 4,000 420,000 1.20% 30,246,886 86.19% Total investments 33,768,406 96.22% Other net assets 1,325,086 3.78% Total net assets as at 30 June 2019 (before amortization of establishment costs) 35,093,492 100.00% Total investments at cost 30,332,629 - 5 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2019 BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUIDTED) FOR THE SIX MONTHS ENDED 30 JUNE 2019 31 December Holdings 30 June Investments 2018 Additions Disposals 2019 Ping An Bank Co Ltd 60,000 50,000 60,000 50,000 China Vanke Co Ltd 48,000 48,000 ZTE Corp 50,000 10,000 50,000 10,000 TCL Corp 50,000 50,000 Midea Group Co Ltd 36,000 14,000 22,000 Tangshan Jidong Cement Co Ltd 60,000 60,000 Shengda Mining Co Ltd 50,000 50,000 Gree Electric Appliances Inc of Zhuhai 32,400 32,400 BOE Technology Group Co Ltd 180,000 180,000 JiuGui Liquor Co Ltd 6,000 6,000 Luxi Chemical Group Co Ltd 12,000 12,000 Wuliangye Yibin Co Ltd 33,000 10,000 23,000 New Hope Liuhe Co Ltd 12,000 12,000 Huadong Medicine Co Ltd 10,000 10,000 Zhejiang Supor Co Ltd 13,000 13,000 Guoxuan High-Tech Co Ltd 10,000 10,000 Tianjin Zhonghuan Semiconductor Co Ltd 15,000 15,000 Jiangxi Zhengbang Technology Co Ltd 10,000 10,000 Holitech Technology Co Ltd 40,000 40,000 Iflytek Co Ltd 20,000 20,000 Shandong Minhe Animal Husbandry Co Ltd 5,000 5,000 Beijing Oriental Yuhong Waterproof Technology Co Ltd 38,000 19,000 57,000 Accelink Technologies Co Ltd 10,000 10,000 Fujian Sunner Development Co Ltd 60,000 69,919 129,919 Sunsea AIoT Technology Co Ltd 10,000 10,000 Yantai Jereh Oilfield Services Group Co Ltd 21,000 21,000 Suzhou Dongshan Precision Manufacturing Co Ltd 15,000 15,000 NavInfo Co Ltd 16,000 16,000 Hangzhou Hikvision Digital Technology Co Ltd 22,000 22,000 OFILM Group Co Ltd 70,000 70,000 Shandong Yisheng Livestock & Poultry Breeding Co Ltd 5,000 5,000 WUS Printed Circuit Kunshan Co Ltd 38,000 38,000 Luxshare Precision Industry Co Ltd 84,000 37,000 47,000 Hangzhou Robam Appliances Co Ltd 1 4,000 14,000 Suofeiya Home Collection Co Ltd 20,000 20,000 BYD Co Ltd 14,000 14,000 Offcn Education Technology Co Ltd 120,000 120,000 Zhejiang Satellite Petrochemical Co Ltd 27,000 27,000 Muyuan Foodstuff Co Ltd 19,000 19,000 Chenzhou City Jingui Silver Industry Co Ltd 50,000 50,000 Yixintang Pharmaceutical Group Co Ltd 6,000 6,000 Shennan Circuits Co Ltd 3,000 3,000 Lepu Medical Technology Beijing Co Ltd 47,000 47,000 Centre Testing International Group Co Ltd 70,000 70,000 Eve Energy Co Ltd 20,000 20,000 40,000 Aier Eye Hospital Group Co Ltd 11,000 11,000 - 6 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2019 BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUIDTED) FOR THE SIX MONTHS ENDED 30 JUNE 2019 31 December Holdings 30 June
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